The State of Modern Consumerism: Lower Quality, Higher Costs, More Disappointed Customers

Inflation has been a topic of discussion in recent years (and realistically has always been a topic of conversation). Following the economic boom from the pandemic leading to some record profits from major corporations, you would think that these companies would reinvest those dollars as working capital to improve their products and services whether that is quality, a new service offering, a market expansion, etc. That however has not been the case in many areas of industry, in particular entertainment.

Is it me, or do most things suck now?

The trend lately in many industries, from consumer appliances, computer electronics, video games, and even movies is an overall decline in the quality of finished goods. Star-studded movies premier to embarrassing box office numbers, "AAAA Games" flop and are criticized for being overpriced, underdeveloped, and overall lackluster. Combine that with skyrocketing home prices and overpriced and low-quality furniture, it's no wonder why so many young people have a bleak view of the future.

Why are consumer goods declining in quality?

In this writer's humble opinion, there are obviously many macroeconomic factors (employment, inflation, resource availability, gov and private investment, education) that play into the cost and availability of goods, as well as other microeconomic factors like supply and demand. However, the trend toward lower-quality goods specifically when it comes to more "creative" products like Games, Movies, and TV shows cannot be solely attributed to those factors. They come from a complete disconnect and a lack of understanding of their target audiences, purely driven by greed. A tale as old as time. More often than not, top decision makers have little to no insight into what is desired, and what is not.

Market Research Exists, Do Companies Still Do It?

You might then comment, that if the issue is a lack of understanding then companies should perform market research. Apparently 90% of companies perform market research, well that research doesn't seem to have produced any valuable insights for companies like Ubisoft, Logitech, and Lionsgate.

Apparently, this market research is telling these companies that customers are foaming at the mouth ready to pay higher prices for everything piecemeal.

Let's apply the classic Boots analogy, purchasing a high quality pair of boots now may have a higher initial cost, but will be cheaper in the long run compared to regularly buying and replacing lower quality ones. Right?

I guess the logic companies have now is, to buy low quality item, replace it due to failure, planned obsolesce etc. Buy high quality items, but instead on a subscription basis, that way you end up spending more money.

The value, features, or benefits of having products like gaming mice on a subscription just simply does not compute, and is a great example of the corporate greed I mentioned earlier.

What Can Consumers Do?

As consumers, it’s easy to feel powerless in the face of declining quality and rising prices. However, there are steps we can take to push back against these trends:

1. Support Companies That Prioritize Quality: Vote with your wallet by supporting brands that are known for producing high-quality, durable products.
   

2. Do Your Research: Before making a purchase, take the time to research products and read reviews from other consumers. This can help you avoid low-quality items.
   

3. Demand Better: Use social media and other platforms to voice your dissatisfaction with poor-quality products. Companies are more likely to take notice when they see widespread public outcry.
   

The Future of Consumer Goods: Is There Hope?

Looking ahead, the future of consumer goods seems uncertain. Will companies continue down the path of prioritizing profits over quality, or will they eventually realize that long-term success depends on meeting consumer needs? Only time will tell.

However, as long as consumers continue to demand better, there’s hope that we might see a return to the days when quality was king, and products were built to last.

Conclusion: The Cost of Cutting Corners

In conclusion, the current trend of declining quality in consumer goods is concerning, to say the least. It’s a clear indication that many companies are more focused on short-term profits than on delivering value to their customers. By understanding the factors driving this trend and taking action as consumers, we can help to reverse it and ensure that we get the quality we deserve as consumers.